How to Comparison Shop
Buyers do comparison shop for a home !
Make yours the Brightest star …for the money and it will be the first to sell !
You have been planning to purchase a second car and have saved $12,000. You drive to a nearby dealer and find only two cars for sale. Both are the same year, make and model priced at $12,000. They are identical until you begin to inspect them more closely. The first appears to be “good transportation”, at best. The car’s finish shows neglect with nicks and scratches. The windows are smudged, the tires under-inflated, and the radio antenna is missing. Books and papers 1itter the back seat, and there is a hole in the carpet. You turn your attention to the second car.
You notice that the morning sun-reflects brightly off the spotless windows and gleaming finish. This car seems to promise satisfaction. The chrome and trim are flawless, and the tires have been scrubbed clean. It invites a closer inspection. Sitting at the wheel, the engine jumps to life, then settles down to an imperceptible idle. The interior sparkles. You feel good just sitting there at idle. You make your choice.
This car wins hands down. Home buyers experience similar situations daily. With plans to purchase a home, buyers inspect a number of similar homes at similar prices. They begin making value judgments from the moment they drive up to each home. The first impressions begin with the yard, the driveway, and the front door. Once inside an attractive, bright, well maintained home, buyers can sense the presence of “pride-of-ownership” or-of its absence.
It has been said that buyers make up their minds in the first five minutes, then spend the rest of the time rationalizing their decision. For those who plan to sell their home- a word of advice: place great emphasis on providing a home in impeccable, move-in condition. Most say you will Get a much better price out of such a home. It will almost ALWAYS be the difference in getting the home sold—or not.
Do you really want to sell?
Most buyers prefer quality over a bargain priced property that needs lots of work. They want a home they can be proud of. Buyers of fixer-uppers are few and far between. Sellers of fixer-uppers think they only need to deduct the cost of the needed paint, etc. Not so. Buyers of fixer-uppers will also deduct from the buyers expected value: the cost of labor, the cost of possible hidden damage, and a nice profit.
Even a small problem can seem large to a buyer. Ask your agent what needs fixed when you list. Ask your agent again after the first few showings to see what the buyers did not like! It may just be that purple front door that you raved about. It can be fixed with $2 of paint.
By Steve Myers
All articles are for educational purposes only and are not meant as tax or legal advice! See a CPA for tax advice or an attorney for legal advice, or any other appropriate professional for the sector!
